Baskin-Robbins is one of the worlds largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2024:

Salaries expense $12,900

Sales revenue $65,800 Inventory (July 1, 2024) 1,900

Interest income 2,500

Sales returns 1,000

Cost of goods sold 28,300

Utilities expense 3,200

Rent expense 5,900

Income tax expense 5,200

Interest expense 300

Inventory (July 31, 2024) 1,000

Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2024. 2-a. Calculate the inventory turnover ratio for the month of July. 2-b. Would you expect this ratio to be higher or lower in December 2024? 3. Calculate the gross profit ratio for the month of July.